21-01 49th Ave, Long Island City, NY 11101

The offering is a 4,300 square foot single-story retail property located on the corner of 21st Street and 49th Avenue in Long Island City, Queens. The site is located directly in front of the entrance to the subway (7 Train – Hunters Point Avenue), as well as the Hunters Point LIRR Train Station, and is a five-minute subway ride into midtown Manhattan. The asset rests on a 9,000 square foot lot (30 ft x 300 ft) zoned M3-1. The lot allows for a total buildable square footage of 18,000 square feet, including 13,700 square feet of available air rights. The offering consists of two buildings. The larger structure is 3,400 square feet with 140 feet of retail frontage along 49th Avenue, situated on the corner of 49th Avenue and 21st Street. The second building is 900 square feet (built 60 x 15), also a single-story retail building, currently occupied by a deli paying $5,000 per month ($60,000 per year). There is no lease in place, and this space can be delivered vacant. This is an opportunity to acquire a value-add retail property with frontage next to the subway and the Long Island Railroad. The site is prime for retail redevelopment into either single or multi-tenant retail. The offering is directly across the street from Starbucks and surrounded by thousands of new construction multi-family units constructed since 2009, part of the over 30,000 new apartments built in Long Island City. The city recently passed the Future (OneLIC Plan), a major rezoning that aims to deliver another 15,000 new homes to LIC.